Java is moving into archaic irrelevance faster than ever. That is, the language itself.
The JVM, however, is now more useful and relevant than it ever was. It used to be naught but an implementation detail. Now, rather, it's central to an entire ecosystem of languages that will inevitably send Java the way of C: used only when the greatest speed is necessary.
Scala is basically a next-generation Java. Java with functional programming, or really, vice versa. JRuby make Ruby actually scalable, given the presence of native threads and interoperability with existing enterprise libraries that commonly only ship in the form of Java or C# libraries. Clojure enables LISPers of yore and Schemers of new import explore functional programming as it used to be, without having to drop the wealth of Java libraries available. Ceylon, Groovy, Jython, and dozen of others are paving a way to give the JVM much more to do after Java becomes obsolete.
Java will never die - it'll just become like COBOL, Fortran, and C before it: used in enterprise software, operating systems, and outdated educational assessments.